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Is financial acumen or simply good communication the most important ingredient to succeeding in investor relations? Communication and the ability to build rapport with investors is often highlighted as the one thing that sets great IR professionals apart. But in this episode, Karen Keyes, Head of IR at Canadian Tire Corporation (‘CTC’), explains why financial knowledge is crucial when communicating well with investors.
Don’t Underestimate the Need for Good Financial Knowledge
Karen joins the podcast to discuss her 20+ years of experience in IR across different industries and countries. We hear about the challenges of managing major corporate events such as acquisitions and shareholder activism, economic downturns, and adjusting to different IR practices in the UK and Canada.
As we talk about her current role at Canadian Tire Corporation, Karen explains how she manages investor perspectives while representing a beloved national brand. She shares her must-have IR tools, how her team is experimenting with AI, and her thoughts on how IR has changed throughout her career.
In This Episode
Karen gives us the highlights of her career and the challenges she’s navigated How IR practices differ in Canada vs. the UK The top mistake IR professionals make The most transferable skills and steepest learning curves in IR How IR has evolved throughout Karen’s career How CTC maintains brand trust Why financial knowledge is a priority for Karen’s team How Karen’s team manages time and measures success How Karen manages difficult conversations with investors and the board CTC’s approach to ESG matters How day-to-day activities have evolved in the digital age Karen’s thoughts on how AI is useful in IR Advice for entry-level IR professionals The most challenging parts of leading IRQuotes:
“One of the mistakes people sometimes make in IR is getting very fixated on the market and the investor and analyst audience. I think it's really important, to be successful, to be able to transition and think about stakeholder relations.”
“The biggest feedback for people trying to explore AI for IR would be that it's really about the prompts and it's about human intelligence and learning. So there's no substitute for knowing IR and then using the tool to help you be more efficient.”
“I think the most transferable skill has been the skill that you acquire by being part of the finance team, how to think about a P&L and a balance sheet, how to think about valuation. You need to be able to sit in a finance leadership meeting and listen for the right information.”
Resources:
Connect with Karen Keyes -
Investor relations in the digital age has seen big changes in the way we communicate with investors and shareholders, thanks to the evolution of technology. In this episode, we dive into how Workspace Group’s IR department has embraced the changes that new technology can offer with Paul Hewlett, Director of Strategy & Corporate Development.
Technology and Emotional Intelligence Are Key to IR Success Today
With over two decades of experience in corporate finance and broking and a 14-year stint at J.P. Morgan, Paul has a strong track record of building great client relationships and managing complex investor transactions. He now focuses on accelerating growth and enhancing shareholder value at Workspace Group and joins the podcast to give us a behind-the-scenes look at IR in his team.
Paul breaks down his career journey so far, what he’s learned and how he’s applied a wealth of knowledge to his current role. We talk about the impact of digital transformation on communicating value and performance to shareholders, the importance of emotional intelligence, and his experience of how IR has changed. Paul tells us that some of the biggest changes in IR have been technology’s impact on the sector and regulatory changes, and he explains how they have shaped his role.
In This Episode
Paul’s career journey and top learnings so far The impact of digital transformation on IR, including the rise of social media and virtual events The importance of consistent messaging and delivering on promises How regulatory changes are shaping the industry, particularly in areas like IFRS and ESG reporting and cybersecurity The growing emphasis on emotional intelligence in leadership roles The critical balance between strategy and execution in corporate communicationsQuotes:
“People will not always remember what you do or indeed what you say, but they'll always remember how you make them feel. You've got to ensure they feel like they're being listened to and it might not necessarily mean you take all their ideas or indeed any of their ideas, but stay close to your shareholders.”
“It used to be that IQ is always important. But now it’s more of an understanding as to the people and how to drive them. Not just recruit the right people, but once you've got them, keeping them engaged. I think you're seeing that across the business sector.”
“If investors understand and believe that you have a product that customers and prospective customers are willing to pay for, you've done a lot to get them there. They are much more likely to become buyers with that foundation of knowledge. And so that alignment and communication is really important.”
Resources:
Connect with Paul Hewlett -
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How does a global consumer brand like Etsy manage investor relations? And what does it take to lead IR successfully? In this episode of Enquire, the Investor Relations podcast, we sit down with Deb Wasser, VP of Investor Relations and ESG Engagement at Etsy, to uncover the secrets of a successful IR career.
The Secrets to Success in Modern Investor Relations
Throughout Deb’s journey in investor relations, she has taken on roles both on the consultancy side and in-house, switching between the two and picking up expertise and insights from both sides. She shares her unique experiences in this episode, and we hear her perspective on the most important traits to have in modern IR. As a former NIRI board member, we also learn about her work in the wider investor relations community.
As the conversation explores Deb's experiences at Etsy, we hear about its innovative approach to IR and how it adapted to the challenges of a post-pandemic market. Deb also outlines how ESG ties into her role and why Etsy made the bold decision to make corporate social responsibility a core KPI.
In This Episode:
Deb takes us through her career and how she started in IR Why mutual trust between management in IR is the secret to success in IR How has IR changed since she began her career? An introduction to Etsy and Deb’s role What has been behind Etsy’s successful IR programme? Why Etsy continued the video earnings calls after the pandemic How Etsy’s IR team measures success Where ESG fits into Deb’s role in IR Etsy’s unique approach to measuring ESG performance Deb explains her previous experience as a NIRI board member How Etsy is embracing tech trends in IR Advice for entry-level IRQuotes:
“We're a B2C business, and we are often in the news for good and for bad. And so you have to have really tight comms.”
“Most investor relations executives are good at many things. It’s a diverse bunch of skills that are critical for success.”
“Having mutual trust is the secret to success in IR, whether as a consultant or in-house. If you don't have it, it's not going to work.”
Resources:
Connect with Deb Wasser -
Many IR professionals begin their careers in various corporate finance roles, such as consultancy, data analysis, or capital markets. Each of those paths into IR comes with valuable insights and unique perspectives that can set you up for success.
Before Edward Westropp, Head of IR and Communications at WE Soda Ltd, took the leap into IR, he came with bags of experience in strategy and communications. As he grew in his career, he found himself moving from a consultancy firm to an in-house position – something he was hesitant to do. However, since then, he’s found his in-house roles rewarding, challenging, and full of valuable lessons. He joins Enquire, the Investor Relations Podcast, to share his story.
Navigating the Challenges and Rewards of In-House IR
In this episode, we hear Edward’s career backstory including his time navigating consultancy roles, communicating with board members, managing strategy around IPOs, and the inner workings of corporate finance. Edward shares his tips for entry-level IR professionals including the importance of networking, as well as his strategies for managing relationships with key investors during tricky markets and business structure changes.
We talk about the challenges of measuring success in IR, marketing a company to niche investor audiences, and his thoughts on the use of AI in the field. Edward also shares the lessons learned from moving in-house and how his previous roles helped set him up for success.
In This Episode:
Edward explains his previous roles and varied experience Tips for entry-level IR professionals What led Edward to move from a consulting role based in London to an in-house investor relations role in Geneva What surprised Edward about switching to an in-house role His experience working in-house during an IPO vs. as an external consultant How working on debt IR programmes differed from equity IR Edward’s approach to managing his time and responsibilities in a busy role Why Edward uses meeting notes with investors as data insights The role of AI in investor relations How IR professionals can measure successQuotes:
“Even when it comes to outlining an annual report you can use AI to make sure you never start with a blank sheet of paper, which is quite valuable and helps with time. It'll all be totally wrong, but at least you're immediately redacting rather than starting from scratch.”
“If you are going to go in-house, go in-house at the right level and in the right place.”
“The trick is to identify your echelon. And then take them out for a coffee. No one turns a coffee down, it's a bit like dating. Just have a thick skin and just go for it. Because those people that you're engaging with now, as you all grow and get more senior, will become useful people in your network.”
Resources:
Connect with Edward Westropp -
What does a day in the life of an equity salesperson really look like? In this episode, we dive into the world of sell-side equity sales with industry veteran Phil Griffith.
Curiosity and Good Storytelling Are a Salesperson’s Best Tools
We sit down with Phil Griffith, Head of UK Distribution at Stifel Financial Corp. With over 36 years of experience in equity sales, Phil provides an insightful look into the daily routines, challenges, and the evolving world of sell-side equity sales.
Phil has worked in the equity capital markets at UBS, Morgan Stanley, and Exane BNP Paribas. He has managed numerous high-performing equity sales teams and built great client relationships across the UK and beyond, covering Asset & Wealth Managers and Hedge Funds. He has been heavily involved in the Client Strategy role handling resource allocation, relationship discussions, and commercial research agreements post MiFID.
From early morning research digests to corporate meetings and client interactions, Phil paints a picture of the fast-paced world of equity sales and shares insights on effective communication between sales, analysts, and clients. We hear about his experience of working with clients after the MiFID 2 regulations were announced, and why this has posed challenges. Throughout the conversation, Phil highlights how important great communication is and why salespeople and analysts who combine natural curiosity with great storytelling often stand out in client relations.
In This Episode:
Phil takes us through his career history An average day in equity sales What Phil looks for when a company comes in to present How can companies be more creative in their messaging? Touchpoints with investors during a typical day What makes a good analyst stand out Phil’s take on the MiFID 2 regulations Why Phil thinks we’ll see more mergers in the future Common frustrations in Phil’s roleQuotes:
“I've always found that people who are curious and are wanting to try and find different angles about things, that they really sort of stand out.”
“I think the duty of a salesperson is first and foremost to put the actual firm's view across, but then to put it into context.”
“The worst thing is a CFO or a CEO going laboriously through the figures and going through their presentation pack. And you go, ‘Come on, guys, I can read this. I don't need you to read it to me’.”
Resources:
Connect with Phil Griffith -
ESG matters have become a major focus in investment portfolios over the past decade. What was considered a more niche branch of investing has taken centre stage in the world of investor relations. In this episode of Enquire - The Investor Relations Podcast, we sit down with Maria Elena Drew, Director of Research for Responsible Investing at T. Rowe Price, to learn more about how IR teams can approach ESG.
Balancing Responsible Investing with Financial Performance
Maria shares her fascinating journey from equity investor to ESG specialist, recounting her experiences with high-profile cases like Enron and Yukos. She offers a unique perspective on how these experiences shaped her approach to incorporating ESG factors into investment decisions.
Maria takes us through T. Rowe Price's proprietary ESG rating system, known as the Responsible Investing Indicator Model (RIIM). She explains how this system covers over 15,000 corporate issuers and combines data from various sources with their own fundamental analysis. Maria also discusses the collaborative approach between the responsible investing team and portfolio managers, highlighting how they work together on company engagements and portfolio reviews.
The conversation then shifts to the specifics of analysing companies through an ESG lens. Maria breaks down how T. Rowe Price examines environmental and social metrics, considering both a company's operations and its end products. She emphasises the importance of tailoring the analysis to different industries and geographies, showcasing the nuanced approach required in responsible investing. Throughout the episode, Maria's insights provide a valuable glimpse into the evolving world of ESG integration in investment decision-making.
In This Episode:
Maria takes us through her career history How she began to learn more about ESG issues What investors want to know about ESG How her team operates The challenges of ESG Metrics her team looks at when assessing high-risk companies How T. Rowe Price measures environmental impact Why ESG exclusions could be harming sustainability goals Engagement between companies and PMs The current trends in ESG benchmarks and investingQuotes:
“What's interesting about ESG is it grew so fast in the industry, you know, it went from being pretty much irrelevant, except to really niche group of investors, to becoming a table stakes requirement.”
“The number one trend we're seeing right now is looking at a relatively new metric, which would be net zero status.”
Resources:
Connect with Maria Elena Drew -
While investor relations may have evolved over the past 30 years, some things remain consistent – the value of building great relationships with investors has always been fundamental to building a successful career in IR. As someone with an impressive 30-year career across corporate finance, equity research, and investor relations, Peter Reynolds, Director of IR at Whitbread, joins this episode of Enquire, the Investor Relations Podcast, to share insights and advice gained from IR roles in multiple industries.
Peter takes us through his career journey and what has driven him to pursue IR What it was like managing regulatory affairs in the gaming industry Peter explains the learning curve he had when his role involved political lobbying How IR has evolved over the last 20 years Tips for keeping on top of information so you can be proactive with investors A typical day in managing IR at Whitbread How to measure success in IR The value of direct investor feedback Peter’s experience of presenting to the board Whitbread’s typical roadshow schedule Why IR teams need to stay on top of ESG matters How a digital-first approach has impacted IR Peter’s advice for anyone looking to start a career in IR
How Persistence, Being Proactive, and Getting Direct Feedback Are Key to Succeeding in IR
Peter takes us on a journey through his diverse roles, including his time at Rank Group and PartyGaming, where he built an IR programme from scratch and balanced regulatory affairs with investor communications. He offers his perspective on the evolution of IR over the past two decades, emphasising how the role has become more challenging yet more valued by senior management. Peter shares his approach to staying on top of current information from results days and industry changes and how he uses that knowledge to be proactive in his communications with company boards.
We explore the complex truth around measuring success in IR, with Peter arguing that conventional metrics like share price performance may not always reflect the true value of IR efforts. For Peter, persistence and open communication with investors (sometimes over years) are key to seeing success and tangible results.
In This EpisodeQuotes:
"Being in a meeting and just watching that light bulb go on in an investor's head is a magical moment and one that I never get tired of pursuing."
"IR is relatively easy when everything is going well. But when things are in a downturn or business is perhaps not performing well, it's when IR really comes into its own and we have to work the hardest."
“Conventional success metrics are not always what you would think in IR because in many ways you just have to keep going and keep having those meetings and keep banging on the door and then you never know, at the right moment, the investor will pull the trigger.”Resources:
Connect with Peter Reynolds -
Have you ever wondered what truly sets successful investor relations professionals apart? In this episode of Enquire, the Investor Relations podcast, we explore how the power of curiosity and relationship-building have helped Isabel Green, Former EVP & Head of Investor Relations at Rolls-Royce and now IR Director at HBX Group, lead a successful IR career.
Relationships Are at the Heart of IR
Isabel shares her journey through various sectors and highlights the importance of diving into new roles and learning as much as possible. For Isabel, being curious and committed to learning is essential for IR, as is the ability to develop great working relationships with investors and colleagues.
We hear her take on how to enhance your messaging for investors, using a mixture of content resources and effective communication that puts the audience’s needs front and centre. She explains how this helps to drive results and build lasting relationships with potential investors.
Throughout the conversation, Isabel also reflects on her experiences managing investor relations during challenging times, including corporate transformations and market fluctuations.
In This Episode:
Isabel takes us through her career moves and why she found her passion for IR The top lessons she learned in IR How to strike a balance between transparency with shareholders and company protection How to create effective messaging strategies for investors The most useful traits and skills IR professionals need How IR has evolved throughout Isabel’s career Different ways IR teams can track performance Rolls-Royce’s approach to IR The top trends in IR tech including CRM software and AI Advice for starting your IR career The biggest challenges Isabel has faced in her careerQuotes:
“If you don't know what's going on in the business, you're not much use to the investors. If you don't know what's going on in the market, you're not much use to your board and your executive team.”
“Being curious, I think is the most important. You've got to love learning. You've got to love understanding new things.”
“If someone ultimately is investing hundreds of millions in your company, they want to look you in the eye. They don't want to be asking a chatbot.”
Resources:
Connect with Isabel Green -
This episode of Enquire, featuring Equity Research Analyst at Panmure Gordon and Liberum Wayne Brown, explores the challenges and potential reforms in the UK equity markets, the impact of market cycles, and the innovative business models redefining the retail landscape.
Equity Market Trends and Challenges
In this episode of Enquire, Wayne provides an in-depth look into his two-decade-long career, spanning consumer sectors with a focus on leisure and retail. He shares insights into the recent merger of Panmure Gordon and Liberum, forming the largest independent mid-cap brokerage house and how this consolidation offers new opportunities for diversified coverage and business resilience.
Wayne also sheds light on the daily pressures of a sell-side analyst, why he’s always at his desk by 7am, and the importance of proactive communication with fund managers and investor relations teams.
Wayne highlights the importance of clear communication, consistent KPIs, and proactive idea pitching. The conversation also delves into structural market changes, the rise of private equity, IPO activity, and evolving communication strategies of IR teams over the past decade.
In This Episode:
Meet Wayne and hear more about his career path The Panmure Gordon and Liberum merger The impact of this merger on company coverage Changes in business models of brokerage companies A day in the life of a sell-side analyst Pro-active engagement with fund managers Examples of where stock recommendations didn’t go as planned The interaction with the sales desk The current UK equity market landscape and impact on the sell-side Government reforms to support the UK equity market The European and UK IPO landscape and market trends in the consumer sector Interest of US investors in UK companies Opportunities and challenges in the retail sector Effective communications with and by IR and management teams Conclusion and final thoughtsQuotes:
“A lot of the management teams are much keener to travel to the US than they had been previously, but I'd always caution the IR teams to do their research in terms of the investors before taking on the additional cost of traveling over there and identify the correct sort of locations and investors to engage with.”
“The biggest challenge has been the fact that there's been a lack of inflows into the [UK] market. And I'll say, I think we've started to see the green shoots of that turning.”
Resources:
Connect with Wayne Brown -
There’s a lot that IR professionals can learn from their peers and from how other businesses manage investor relations. On the show this week is Nick Stone, Senior Vice President, Head of IR at GSK. We hear how he launched his IR career and his tips for success.
Lessons from a Head of IR
In this episode, Nick shares stories from his career, starting from his time studying law to getting involved in corporate strategy and business development, before making the move into IR. We hear how his experiences have shaped his career, including 17 years in corporate strategy, business development and IR at AstraZeneca, and how his experience provided him with a unique skillset for furthering his career in investor relations at GSK.
Nick explains the challenges of leading a large IR team, the importance of good internal communication, and how IROs can learn from peers to combat challenges and grow their careers. We also touch on the role of AI in IR. For Nick, while it provides opportunities to streamline workflow, his advice is that IROs should remain cautious when using it.
In This Episode:
Nick’s career path from studying law to working in pharmaceuticals The transition from corporate strategy and business development to investor relations How previous roles provided him with a unique skillset for his IR career His transition from AstraZeneca to GSK and the focus of his team The challenges of building and leading a large IR team Changes in and engaging with the sell-side especially in the pharmaceutical sector How to measure success of an IR programme GSK’s approach to shareholder structure and global targeting GSK’s approach to governance and sustainability in IR Interacting with the board and communication within the business How AI can support IR Challenges and opportunities for IR in the year ahead Advice for aspiring IR professionalsQuotes:
“What you have to come back to is just really your core set of values. I need to be open and honest in terms of my engagement with the market. I have to be transparent.”
“Internal relationships in any organisation are incredibly important, from the board all the way through the organisation.”
“Everybody's going to want high quality global asset managers. You also really want to have a level of balance across regions of the globe so you don't have overexposure in certain instances.”
Resources:
Connect with Nick Stone -
What do investors really need from IR? In this episode, we hear the perspective of two retail analysts who break down the responsibilities, challenges, and industry shifts that affect their roles, plus how IR can build an effective partnership with investors and analysts.
How IR Can Work with Analysts and Investors
John Stevenson, Retail Equity Analyst and Jonathan Pritchard, Retail Analyst from Peel Hunt join the Enquire podcast to share their perspectives as analysts when it comes to IR.
We begin by hearing how they began their careers in different ways and wound up working together. They break down their methods for dividing responsibilities in their team and explain what an average day looks like for a retail analyst. John and Jonathan go on to explore what makes a great IR meeting, how good communication is key to closing deals, and what mistakes IR professionals can avoid.
In This Episode:
· How John and Jonathan built their careers
· How they divide responsibilities
· Recent industry changes
· Why investors want research, not “journalism”
· An average day for analysts
· How John and Jonathan work with hedge funds
· How COVID changed investor interactions
· What IR teams can do to ensure good communication
· The biggest shifts in IR
· A common mistake IR teams make
· What IR teams should disclose to investors
· How the UK market is changing
Quotes:
“We've got to the stage now where I think the valuation gap is so huge. You can see that from the level of M&A coming through, I think ultimately, something has to give.” – John Stevenson
“My first ever boss said it's better to be 95 percent right in 10 minutes than 100 percent right in two hours.” – Jonathan Pritchard
“Post-COVID, Zoom and Teams has become the norm. And that's changed a lot of our interactions. I would say that most days now, we've got some form of video call with an investor.” – John Stevenson
Resources:
· Connect with John Stevenson
· Connect with Jonathan Pritchard
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In the world of investor relations, communication and building relationships are paramount. To succeed in this field, you need to understand what influences a person’s investment decision. Knowing your audience well helps you to communicate and deliver information in a way that resonates with them. This week’s guest shares important insights on how to do just that.
Understand the Psychology of Investors
Matthew Johnson, the Director of IR & CEO Office at Vodafone, joins us in this episode to talk about the soft skills and psychology knowledge that have served him well in his career. He takes us back to when he first started working in corporate strategy, eventually finding his calling in IR. We hear about the different roles and industries he’s operated in, as well as the skills and knowledge he’s accumulated throughout his career.
Matthew explains his approach to coaching and maintaining consistent communication within his team, plus how that relates on a broader scale to Vodafone’s subsidiaries.
One of Matthew’s interests is behavioural psychology. He explains how he uses this to inform his approach to communicating with investors – both in meetings and in documentation.
Matthew’s conversation is full of brilliant insights and advice on how IR has changed during his career, how it differs across borders, his thoughts on the role of AI in Investor Relations, and the KPIs that IR professionals should prioritise.
In this episode:
· How working in IR delivery differs between Australia and the UK
· How Matthew built an IR function from scratch
· How focusing on commercial outcomes can enhance the success of ESG initiatives
· The benefits of understanding behavioural psychology in investor engagement
· Matthew’s approach to coaching team members across a large IR team
· How data helps you track trends to improve investor communication
· How to develop your specialist expertise to support your career
Quotes:
“Economic theory suggests that people, and therefore financial markets, are rational, always. Which is utter nonsense. It just doesn't happen because there are people involved. We are not robots.”
“The more data I get, the more my opinion turns into a judgement that I can then use to make a confident recommendation on how a plan should be enacted.”
“I've done over 10,000 meetings and my single ambition in every single one is to make that other person laugh. It's not because I want to be a comedian, it's about understanding the thought process, the physiological responses, as well as the psychological responses of humour. Immediately, it's breaking down a barrier and putting that other person at ease.”
Resources:
Connect with Matthew on LinkedIn
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Today’s guest on the Enquire Podcast is Nick Ashworth, the Director of Investor Relations at National Grid, one of the largest investor-owned utility companies in the world. It has a primary listing on the LSE, where it is a constituent of the FTSE 100 index and a secondary listing in the form of its ADRs on the New York Stock Exchange. Before National Grid, Nick spent 14 years as an equity analyst at Morgan Stanley, latterly leading the European Utilities equity research team, following four years covering consumer and retail stocks across Emerging European countries. In this episode, he shares his experience of transitioning from the sell side to investor relations and offers insight into managing, coaching, and developing an IR team at a large, growing organization like National Grid. We also discuss the value of evolving success metrics, Nick’s board communication and engagement tips, the important role that storytelling plays in IR, and much more!
Insight into Nick’s career journey and how it led him to National Grid.How his experience on the sell side informed his approach to investor relations.Nick’s take on how sell-side research has changed in the last 10 years.Ways that the IR function has evolved since he joined National Grid in 2019.What goes into managing, coaching, and developing an IR team.The keys to measuring success with National Grid’s 12-month rolling IR plan.Tips for communicating and engaging with the board, particularly for early-career investors.A look at Nick’s share register and marketing plan for the year ahead.Comments on the ADR program, conferences versus roadshows, and investor feedback.The importance of internal comms across a large, growing organization like National Grid.Regulatory challenges that come with having a split register between the US and UK.National Grid’s approach to AI tools for making the IR function more efficient.Passionate advice for anyone moving into investor relations from another industry.
Key Points From This Episode:Quotes:
“Particularly in a – through-COVID and then post-COVID – world, the way that we engage with investors changed hugely. Trying to find new and innovative ways to do it is important.” — Nick Ashworth [0:07:28]
“Whilst [the board has] lots of expertise in their areas, they’re not the financial communications experts for [the company]. They want to hear what you have to say. It’s a two-way dialogue.” — Nick Ashworth [0:17:14]
“There’s a storytelling function [to investor relations], but you can only do it if you know what’s happening with the numbers and you can see around corners.” — Nick Ashworth [0:35:27]
Links Mentioned in Today’s Episode:Nick Ashworth on LinkedIn
National Grid
Grid Guide To… Series
Norges Bank's in Good Company Podcast
Equitory -
With more than a decade of investor relations experience behind him, Investor Relations and Corporate Development Director at PZ Cussons, Simon Whittington, shares how his progression from a sell-side role to working in investor relations has enriched his knowledge. Tuning in today, you’ll hear about his experience at Merlin Entertainments, his thoughts on disclosure and communication, and insights from the past two years at PZ Cussons. Touching on board interactions and involvement, Simon offers his reflections from 2023 and shares his insights on what is required to attract and convert investors in 2024. Join us as we discuss measuring success, drawing wisdom by observing the approach taken by other companies, Simon’s advice for others looking to launch or improve a career in investor relations, and more!
Key Points From This Episode:
Simon’s diverse career journey to date, starting at the City of London. Moving from the sales side to investor relations. Customising decision-making for Merlin Entertainments. Striking a balance between financial disclosure and privacy. How Simon’s development experience complements his work in investor relations.Challenges and opportunities of operating in a small team.Board interactions and involvement in investor relations.Reflecting on 2023 and what is required to attract and convert investors in 2024. Measuring success in an IR Program for reporting and strategising. The value of introducing investors to lower levels of management.Why it’s necessary to continuously assess and improve.Learning from the approach of other companies.Various approaches to continuous optimisation. Advice for anyone looking to launch or improve their investor relations career. Simon’s funny anecdote of getting lost in translation. The surprising variety of approaches shared by guests on this podcast.Quotes:
“You have to try to be as creative as possible and think, well actually, should we be looking further afield for investors?” — Simon Whittington [0:21:23]
“Thinking about how we can improve, how we are presenting results, and how we are presenting the company to investors is key.” — Simon Whittington [0:26:01]
Links Mentioned in Today’s Episode:Simon Whittington on LinkedIn
PZ Cussons
Merlin Entertainments
Equitory -
Today on the Enquire Podcast, we are joined by J.P. Morgan portfolio manager, Sam Witherow, to discuss investor relations in 2024. We discuss highlights from Sam’s career, the suite of income products he runs at J.P. Morgan, and the requirements of these funds. We delve into the importance of having a flexible mindset in this industry. Sam also tells us what would put him off of buying a high-yield stock, his outlook on 2024, and the biggest challenges he has faced as a portfolio manager. Finally, Sam breaks down how often he meets with his portfolio companies, how he gives feedback, what a good presentation looks like to him, and the primary information sources he uses. Thanks for listening in!
Key Points From This Episode:
Insight into Sam’s career and highlights from his favorite roles at J.P. Morgan over the years. A look at the suite of income products he and his team run at J.P. Morgan. The requirements of these funds and how they balance income and capital gains. Trends across different markets. Why having a flexible mindset is so important in this market. Red flags that would put Sam off from buying a high-yield stock. His frustrations with how companies communicate around hese red flags. What the year has been like for Sam so far and his outlook for the rest of 2024. Lessons from Sam’s biggest challenge as a portfolio manager over the past few years. Primary information sources he uses when analysing a company and how they can help. What a good investor presentation looks like to Sam. The differences he sees between European and US management teams. How often he meets with his portfolio companies and why he loves conferences. The way his team gives feedback to companies.Quotes:
“Ultimately, of course, clients want great total returns and amazing yields. We all want to have our cake and eat it to some extent.” — Sam Witherow [0:16:40]
“Once a company stops growing, it doesn’t matter what the payout ratio is, eventually the dividend will get cut.” — Sam Witherow [0:17:50]
“We’ve been through a period of exceptional margin expansion driven by very unusual pricing power. So, lots of businesses found pricing power for the first time in a decade.” — Sam Witherow [0:22:27]
Links Mentioned in Today’s Episode:
Sam Witherow on LinkedIn
J.P. Morgan (JPM)
JPM Global Dividend Fund
JPM Global Equity Income Fund
Equitory
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Matt Hudson is a portfolio manager at River Global Investors, and he joins us today to explain his company’s priorities, processes, and outlook for the year ahead. We learn about River Global’s business cycle framework, its multi-cap approach, how the company conducts its research, and the way it processes large volumes of information in today’s digital age. Matt then shares some information on what IR departments and other companies could be doing to get noticed by River Global, including the importance of consistency. Our guest also walks us through his company’s process for interacting with RNS statements, dealing with adjustments, and how it optimizes channels of communication with clients. To end, Matt shares his thoughts on the current state of the UK equity market and what he expects in 2024, how the industry is coping with an unprecedented high-number of outflows, what he thinks about current government interventions, and his parting words of advice.
Key Points From This Episode:
Matt’s investment process, and the focus of River Global’s UK Equity Income Fund. A bit more on his business cycle framework and the idea behind his multi-cap approach. How River Global goes about its research, how it handles large volumes of information. What companies can do to increase their chances of being noticed by River Global. The specifics that Matt and his team are looking for in investor presentations. How he interacts with RNS statements, and how River Global deals with adjustments. The value of capital markets days and site visits. Why face-to-face is River Global’s preferred method of interaction with other companies. Matt’s advice for what to do before and after a meeting with River Global. Guidelines for optimal communication. His thoughts on the current state of the UK equity market and his outlook for 2024. How the market is dealing with record-high outflows. River Global’s IPO selection process, and its views on current government initiatives Matt’s parting words of encouragement and advice.Quotes:
“It’s about thinking about which areas of the market are going to outperform over the next two to three years, and then moving the portfolio in that direction.” — Matt Hudson [0:01:28]
“If you want feedback that’s useful, ask specific questions.” — Matt Hudson [0:21:00]
“The quality is higher, the leverage is lower, and the sustainability of [UK] dividends is a lot higher than it has been.” — Matt Hudson [0:28:11]
“UK equity income has been quietly outperforming the companies space over the last three years, five years, even over ten years. UK income, having had its challenges, is beginning to outperform even within this UK investor base.” — Matt Hudson [0:28:34]
Links Mentioned in Today’s Episode:
Matt Hudson on LinkedIn
River Global
Equitory -
With decades of experience behind him, today’s guest is probably the longest-standing fund manager in London. Having started his investment career in 1987 when he joined Schroders as a UK equity fund manager, Andy Brough has managed the well-known Schroders UK Mid 250 Fund since its launch in November 1999. In this episode of Enquire, he joins us to share his view of investor communication today, his market outlook for 2024, and his advice for companies who want to stay ahead of the curve. We discuss the financial metrics that Andy focuses on, key takeaways from some of the standout investments of his career, and much more. To hear Andy’s insights and perspectives on companies’ communications with investors, tune in today.
Andy’s outlook for the year ahead and the challenges that come with running a fund.His take on the IPO market and why fund managers are often disillusioned by it.Some of the financial metrics he tracks while managing funds.Advice for companies that are looking to attract investors.How fund management has evolved since Andy entered the industry in 1989.Tips for staying on top of the sheer volume of information that fund managers face today.What Andy wishes companies did better from a communications perspective.Characteristics of well-performing companies and how he interacts with brokers.Why Andy believes that companies today have too many advisors.The importance of treating your retail customer base fairly.Standout investments from Andy’s decades-long career and his advice for PLCs.
Key Points From This Episode:Quotes:
“I think companies use the report and accounts to a degree, but I think they could do a lot more on their website in terms of educating. This is our business, this is how we make money, these are the inputs into our business, so when you see that something has happened to oil, this could be the impact, and we can protect ourselves from that.” -Andy Brough [0:18:02]
“When you design a presentation, present it to your 10-year-old. If they can understand what you do, you're on the right track.” - Andy Brough [0:28:51]Links Mentioned in Today’s Episode:
Andy Brough on LinkedIn
Andy Brough on X
Schroders
Equitory
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After nearly 30 years with J.P. Morgan, today’s guest has a wealth of experience and insights to share with company IR teams. Meet Georgina Brittain, a senior portfolio manager within the J.P. Morgan Asset Management International Equity Group, who joins us to discuss all things investor relations. You’ll find out how Georgina and her colleagues co-manages funds, why she believes there is an overload of information in the industry currently, how she deals with that, her process for screening companies, and much more. She shares her tips for delivering bad news, engaging with sell-side analysts, her approach to research, backward and forward-looking data, annual reports, and investor meetings before Georgina reminds us of the importance of clear messaging and up-to-date websites. Start listening now!
Key Points From This Episode:
• How Georgina co-manages her funds.
• What has changed in the industry recently and the dangers of too much information.
• What companies can do to increase the chance of J.P. Morgan investing in them.
• The importance of honesty when it comes to delivering bad news and why statutory figures are sometimes not helpful.
• How sell-side analysts can be beneficial and her thoughts on how research has changed.
• The importance of investor websites and keeping them updated and easy to navigate.
• Results reporting and her views on backwards vs. forward-looking data.
• Her approach to company meetings and how she gives feedback.
• Why messaging needs to be as clear as possible.
Quotes:
“And there are some companies that I own that I may not even see for almost two years. If everything's going right, everything I can see is absolutely ticking on, ideally even better than expectations, I don't need to waste my time or the management's time. That's how I look at it. And I try to be very, very clear for those companies that that is fed back. We don't need a meeting because we are completely happy.” – Georgina Brittain
“Investor websites are, I mean, have hugely grown in importance for lots of reasons. In particular, because this is how we get a lot of data nowadays.” – Georgina Brittain
“I think in terms of backward versus forward looking, the point about results is you are talking, you are looking backwards and that's relevant to us. So that should be the key focus if you're doing your full year results. Obviously, everyone cares about the outlook, what's going to happen next. But actually, we want the deep dive into what happened in the last year or the last period.” – Georgina Brittain
Links Mentioned in Today’s Episode:
Georgina Brittain
J.P. Morgan Asset Management
Equitory
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Jeremy Thomas has 27 years of experience as a portfolio manager and is the Chief Investment Officer of Global Equities at Sarasin & Partners. He joins us to discuss what company IR teams and investors can do proactively to improve communication with each other. After comparing the industry challenges he faced 10 years ago to the obstacles he has to overcome now, Jeremy shares his stance on AI and why he and his company are eager to adopt the technology. We discuss the current state of the UK equity market, how Sarasin & Partners decides on who to work with, and how the IR practices in other international markets differ from the UK. We also dive into communication as our guest walks us through his meeting process, the best practices for corporate reporting, and why capital markets days are extremely valuable for cementing meaningful relationships. To close, Jeremy shares important advice for those working in IR. Listen now for all this and more!
Key Points From This Episode:
His thematic approach to screening companies, including Sarasin's emphasis on ESG integration, and how technology and AI is accelerating their ability to disseminate information quickly.The challenges Jeremy faces as an equity portfolio manager compared to a decade ago.The UK as a listing venue.Jeremy’s stance on AI. His assessment of the current state of the UK equity market. The benefits of listing a company in the UK versus in other international markets.How IR practice in other international markets differs from the UK.Best practice for corporate reporting, and why capital markets days can be extremely valuable.Meetings and communication between companies and investors.Quotes:
“If I look back over my time in investing and think about the companies I got to know best, it was often the companies where I went to their premises or – factories or spent the day with them at a capital markets day. It deepens your understanding and relationship with a business.” — Jeremy Thomas [0:26:29]
“We won’t take a meeting unless we think we can get value from it and we won’t take a meeting that we don’t prepare for.” — Jeremy Thomas [0:27:50]
“If there’s a problem, don’t disguise it, don’t skip over it, don’t pretend it’s not there because it will eventually come out and it will only make it worse in the long run if we don’t have the opportunity to tackle it, there and then.” — Jeremy Thomas [0:31:13]
Links Mentioned in Today’s Episode:
Jeremy Thomas on LinkedIn
Sarasin & Partners
Equitory
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You can make or break your credibility with investors based on the way you communicate with them. In this episode of Enquire, we are joined by Matthew Tillett, a fund manager at Premier Miton, to discuss all things investor relations. The conversation covers all aspects of IR, including his fund's screening and investment approach, why he loves the undervalued small and mid-cap market, the elements of corporate reporting that are most valuable to fund managers, and his preferences for meeting and sharing feedback with companies. Matthew shares in detail his perspectives on the current UK market and economy, and thoughts around steps which could make the UK market more appealing as a listing venue.
Tune in for an engaging discussion packed with valuable insights!Key Points From This Episode:
• An introduction to today’s guest, Matthew Tillett.
• Matthew tells us about the focus of the Premier Miton UK Opportunities Fund.
• What this fund needs from companies in terms of investor communication.
• The kinds of research Matthew does and where he accesses consensus data.
• How they screen the companies they work with.
• What information Matthew looks to find on a company’s investor websites.
• Why Matthew is sceptical about a lot of social media.
• The importance of driving people towards long-term investment.
• He shares some advice for reviewing a company’s finances.
• Why well-thought-out educational events, like capital markets days, are beneficial.
• How frequently Matthew meets with investment companies and how he approaches them.
• Matthew tells us how he gives feedback.
• Why Matthew doesn’t like conferences.
• Matthew shares some tips about how to manage credibility in investor relations.
• Why he wants the domestic market to be made more attractive to companies.
• A reminder to stay patient when it comes to the share price.
Links Mentioned in Today’s Episode:
Matthew Tillett on LinkedIn
Premier Miton Investors
Equitory
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